SALT LAKE CITY, Dec. 01, 2016 (GLOBE NEWSWIRE) -- With the subscription deadline for participating in its historic blockchain share rights offering approaching, Overstock.com, Inc. (NASDAQ:OSTK) offered guidance intended to help rightholders and broker-dealers successfully participate in the process and fairly subscribe to purchase the Series A Preferred shares.
“We’re engineering an entirely new approach to finance, and as such, a steep learning curve among broker-dealers is not surprising,” said Overstock CEO Patrick M. Byrne. “We’re working with all the involved players and are confident that with just a little patience, individuals on both ends of this transaction can navigate it successfully.”
Byrne’s comments stem from reports that Overstock shareholders wanting to exercise their right to participate in the issuance of blockchain-traded Series A Preferred shares are finding their own broker-dealers are only now becoming educated on how to assist them with the subscription process.
According to Byrne, beneficial holders must first complete their election for Series A Preferred shares through their broker and fund this subscription election. The broker then must enter the election on DTC's ASOP/ATOP platform and fund the election at the individual beneficial holder level. The broker then provides the VOI# from the DTC system and the eligible basic rights to each beneficial holder, directing them to www.mydigitalshares.com to complete their election and open a brokerage account with Keystone Capital. The broker will also be required to provide the same information to transfer agent, Computershare.
“If that doesn’t produce a satisfactory result, contact our information agent, Georgeson, and it will provide additional assistance,” Byrne added.
Georgeson can be reached by email at Overstock@Georgeson.com or by phone at 866-432-2791.
This stock offering is unique in that it is the first ever to utilize distributed ledger technology. As the foundation for cryptocurrencies such as bitcoin, distributed ledgers permit near real time trade settlement and significant reductions in transaction costs. Overstock’s own financial technology subsidiary, t0, developed the platform on which trading will occur.
An offering prospectus may be reviewed here.
Overstock.com, Inc. (NASDAQ:OSTK) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, rugs, bedding, electronics, clothing, and jewelry. Additional stores within Overstock include Worldstock.com, dedicated to selling artisan-crafted products to help developing nations around the world and Main Street Revolution, supporting small-scale entrepreneurs in the U.S. by providing them with a national customer base. Other community-focused initiatives include Farmers Market and pet adoptions. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock sells internationally under the name O.co and regularly posts information about the company and other related matters under Investor Relations on its website.
t0.com, Inc. (pronounced tee-zero) is a majority owned subsidiary of Overstock.com, focusing on the development and commercialization of financial technology (FinTech) based on cryptographically-secured, decentralized ledgers – more commonly known as blockchain technologies. Since its inception in October of 2014, t0 has pioneered the effort to bring greater efficiency and transparency to capital markets through the integration of blockchain technology. More information is available at t0.com.
O, Overstock.com, O.com, O.co, Club O, Main Street Revolution, Worldstock and OVillage are registered trademarks of Overstock.com, Inc. O.biz and Space Shift are also trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. These forward-looking statements are inherently difficult to predict. Actual results, including all matters relating to the rights offering and all matters relating to our future financial results, could differ materially for a variety of reasons. Information about factors that could potentially affect our financial results is included in our Form 10-Q for the quarter ended September 30, 2016, which was filed with the SEC on November 3, 2016. These and our other subsequent filings with the SEC identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates and other forward-looking statements.
Overstock.com, Inc. has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and the prospectus supplement Overstock.com, Inc. has filed with the SEC for the securities offered pursuant to the registration statement, and other documents that Overstock.com, Inc. has filed or files in the future with the SEC for more complete information about Overstock.com, Inc. and the offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Overstock.com, Inc. will arrange to send you the prospectus if you request it by calling 1-801-947-5409.
Information Agent Contact: (866) 432-2791 Overstock@Georgeson.com Media Contact: Kirstie Burden, Overstock.com, Inc. (801) 947-3564 firstname.lastname@example.org Investor Contact: Mark Harden, Overstock.com, Inc. (801) 947-5409 email@example.com